Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The January 2022 FFW rebalance is not very large - about US$225mm a side. </li>
<li>30% of the interest is in two names - <a href="https://www.smartkarma.com/entities/net-protections-holdings-inc" target="_blank" data-smartkarma-citation="entities:35162:1" rel="noopener">Net Protections (7383 JP)</a> as an add because of its recent IPO and <a href="https://www.smartkarma.com/entities/oracle-corp-japan" target="_blank" data-smartkarma-citation="entities:16787:1" rel="noopener">Oracle Corp Japan (4716 JP)</a> as a sell.</li>
<li>This event may get overshadowed by the TSE Market Structure revamp announced the same day.</li>
</ul>


The January 2022 FFW rebalance is not very large - about US$225mm a side. 
30% of the interest is in two names - Net Protections (7383 JP) as an add because of its recent IPO and Oracle Corp Japan (4716 JP) as a sell.
This event may get overshadowed by the TSE Market Structure revamp announced the same day.


TOPIX January 2022 FFW Rebalance - Much Nothing To Do

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

<ul>
<li>Today after market-close, <a href="https://www.smartkarma.com/entities/fast-fitness-japan-inc" target="_blank" data-smartkarma-citation="entities:31510:1" rel="noopener">Fast Fitness Japan Inc (7092 JP)</a> announced they had received approval to move from the Mothers Section to the First Section of the Tokyo Stock Exchange.</li>
<li>They will move to the First Section on 27th December 2021 and that will trigger inclusion into the TOPIX Index at the end of January 2022.</li>
<li>In this insight, we take a look at the Index Inclusion Parameters to evaluate the upside potential of the TOPIX Inclusion Event. </li>
</ul>


Today after market-close, Fast Fitness Japan Inc (7092 JP) announced they had received approval to move from the Mothers Section to the First Section of the Tokyo Stock Exchange.
They will move to the First Section on 27th December 2021 and that will trigger inclusion into the TOPIX Index at the end of January 2022.
In this insight, we take a look at the Index Inclusion Parameters to evaluate the upside potential of the TOPIX Inclusion Event. 


Research from Mita Securities, Mita Securities

Mita Securities

Research from Mita Securities

Mita Securities provides a full scale diversified investment banking and financial services. A comprehensive investment banking department, specializes in rights offerings advisory, take-over bids agents, M&A etc. Including a proprietary trading desk, and wealth management department that offers brokerage, custody, real estate, and full proxy services.

Equity Bottom-Up

Fast Fitness Japan Inc / Equity Bottom-Up

<ul><li>FFJ operates the 24-hour machine-focused fitness club Anytime Fitness mainly through a franchise system, with 924 stores and 595,000 members as of June 30,2021.</li><li>1H OP progress strong at 59% of full-year guidance and downward revision of new store opening target</li><li>Number of members continues to recover showing a positive sign</li></ul>

FFJ operates the 24-hour machine-focused fitness club Anytime Fitness mainly through a franchise system, with 924 stores and 595,000 members as of June 30,2021.1H OP progress strong at 59% of full-year guidance and downward revision of new store opening targetNumber of members continues to recover showing a positive sign

Fast Fitness Japan (7092): 1H OP Progress Strong at 59%; Membership Recovery Continues

<h2>Summary</h2>
<p>Our top pick is S Foods. Points of interest are 1) its strength in meat wholesaling to restaurants, and 2) the US meat packer business benefiting from increased demand for restaurants in the US. We believe that these factors have not been fully factored into the current stock price</p>

Summary
Our top pick is S Foods. Points of interest are 1) its strength in meat wholesaling to restaurants, and 2) the US meat packer business benefiting from increased demand for restaurants in the US. We believe that these factors have not been fully factored into the current stock price

<h2>Company profile</h2>
<p>FFJ operates the 24-hour machine-focused fitness club Anytime Fitness mainly through a franchise system, with 924 stores and 595,000 members as of June 30, 2021.</p>
<h3>Target price changed to 5,600 yen due to stock split</h3>
<p>Fast Fitness Japan (7092, FFJ, the company) will conduct a 1:1.2 stock split with September 30 as the record date and October 1 as the effective date. As a result, we have revised our assumptions for the number of shares outstanding used in our earnings forecasts and have changed our target price from 6,700 yen to 5,600 yen. The changes to our earnings forecast are limited to changes in per-share indicators (EPS, BPS, DPS). Our view on the company's fundamentals remains unchanged, and we reiterate the Buy rating.</p>

Company profile
FFJ operates the 24-hour machine-focused fitness club Anytime Fitness mainly through a franchise system, with 924 stores and 595,000 members as of June 30, 2021.
Target price changed to 5,600 yen due to stock split
Fast Fitness Japan (7092, FFJ, the company) will conduct a 1:1.2 stock split with September 30 as the record date and October 1 as the effective date. As a result, we have revised our assumptions for the number of shares outstanding used in our earnings forecasts and have changed our target price from 6,700 yen to 5,600 yen. The changes to our earnings forecast are limited to changes in per-share indicators (EPS, BPS, DPS). Our view on the company's fundamentals remains unchanged, and we reiterate the Buy rating.

Fast Fitness Japan (7092): Target Price Changed Due to Stock Split

Japan

Fast Fitness Japan, Inc. owns and operates fitness clubs. The Company offers gym and sports facilities and training. Fast Fitness Japan provides its services throughout Japan.

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Fast Fitness Japan Inc (7092 JP)

TOPIX January 2022 FFW Rebalance - Much Nothing To Do

The TSE FFW review for Jan 2022 sees 60 names with changes. Gree's share cancellation would have been big but the TSE offset it with a FFW change....

Travis Lundy

TOPIX Inclusion: Fast Fitness (7092 JP)

Fast Fitness (7092 JP) is moving to TSE1 which will trigger an inclusion into the the TOPIX Index. In this insight, we evaluate the upside...

Janaghan Jeyakumar, CFA

Fast Fitness Japan (7092): 1H OP Progress Strong at 59%; Membership Recovery Continues

FFJ operates the 24-hour machine-focused fitness club Anytime Fitness mainly through a franchise system, with 924 stores and 595,000 members as of...

Mita Securities

List of Covered Stocks (7 October 2021)

Our top pick is S Foods. Points of interest are 1) its strength in meat wholesaling to restaurants, and 2) the US meat packer business benefiting...

Mita Securities

Fast Fitness Japan (7092): Target Price Changed Due to Stock Split

FFJ operates the 24-hour machine-focused fitness club Anytime Fitness mainly through a franchise system, with 924 stores and 595,000 members as of...

Mita Securities

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